Sure - I Buy That

The lead article at Bloomberg all day has been "U.S. Stocks Rally on Speculation Jobs Data to Spur Stimulus." Lest you have been in a cave, the jobs data referred to was rather dismal.

http://www.fdic.gov/news/news/press/2009/pr09017.html

By this measure we need some really terrible news next week on the economic front to maintain our rally. For those CEOs out there paying attention, if you want to really benefit your stock portfolio, fire as many people as you can. It will only make things better for everyone. Seriously (not).

And another fun message comes from Bank of America, which was up 27% today. Why? They came out and said they needed no more U.S. government support (right). And other financial companies were up over 10% on speculation that the government plans will not wipe out shareholders (right). And the tooth fairy promised to leave Obama five trillion dollars for stimulus, which seems to be where we are going (right). I definitely see all this as very positive news, and so did everyone else as the market was up nicely today. I am really thinking this is a sustainable rally (right).



http://www.bloomberg.com/apps/news?pid=20601087&sid=anDuRfPVtQL8&refer=home



We Have A Plan



The Senate has apparently approved a plan that is somewhat less than the over $900 billion I have been hearing lately. Indeed, it is under $800 billion. Still too much to flush down the tubes, but better less than more.



http://online.wsj.com/article/SB123393201756256999.html



Another Two Bite the Dust

Another bank or two going down, another week, hardly big news. Get used to it.

http://www.fdic.gov/news/news/press/2009/pr09018.html

http://www.fdic.gov/news/news/press/2009/pr09017.html

Disclosures: None